SriLankan Airlines and the Government of Sri Lanka announced that the Company held restricted discussions between 23 October and 19 November 2025 with six members of the Ad Hoc Group of Bondholders, relating to its US$175 million Guaranteed Bonds due June 2024. The discussions involved the Company’s financial and legal advisors, Lazard and Norton Rose Fulbright LLP, and the Group’s legal advisor, Akin Gump Strauss Hauer & Feld. The Group controls approximately 55% of the aggregate outstanding amount of the Notes.
The Company and the Government are pleased to report that they have reached agreement in principle with the Group on the financial parameters of the restructuring. These terms remain subject to final approval from Sri Lanka’s Cabinet of Ministers and non-objection from the IMF and the Official Creditor Committee, in line with the Government’s commitments under the broader public debt restructuring exercise.
The implementation of the in-principle terms will enable SriLankan Airlines to normalize its relations with external creditors and focus on maintaining uninterrupted operations.
Commenting on the development, Mr. Sarath Ganegoda, Chairman of SriLankan Airlines, said:
"We are very pleased to have reached an agreement with the Ad Hoc Group of Bondholders, allowing us to look to the future of our Company with greater optimism. We thank the Group for their patience and pragmatic approach in avoiding an unnecessary escalation that could have been detrimental to all parties. A well-functioning national airline is essential for our island’s economic prosperity."
Under the agreed terms, the Government will be discharged from its liability under the guarantee and will benefit from substantial debt and immediate liquidity relief, supporting the long-term sustainability of public finances. The agreement includes a 15% haircut on the total claim amount of the Notes, with the balance to be exchanged for a combination of cash and medium-term Government bonds at 4% interest.
JXG Reports LKR 3.4 Billion Mid-Year Profit, Continuing Strong Upward Trajectory
JXG (Janashakthi Group) announced its consolidated results for the first half of financial year 2026 (1H FY26), ended 30 September 2025, showcasing strong profitability and robust growth across key financial and operational metrics.
"We are pleased to see this positive trajectory continue into 1H FY26, with performance surpassing the previous year," said Ramesh Schaffter, Managing Director/Group CEO, JXG.
Key Financial Highlights
Net profit: LKR 3.4 billion, marking a significant increase from the same period last year.
Revenue: LKR 15.8 billion, up 43.6% YoY, driven by strong contributions from key business verticals, particularly investment banking.
Total assets: LKR 193.5 billion, reflecting 19.9% YoY growth.
Revenue contributions from subsidiaries (YTD):
First Capital Holdings PLC (FCH): LKR 9.3 billion
Janashakthi Insurance PLC (JINS): LKR 3.8 billion
Janashakthi Finance PLC (JF): LKR 2.8 billion
Subsidiary Performance
First Capital Holdings PLC (Investment Banking): Achieved NPAT of LKR 3.4 billion, up from LKR 897 million in 1H FY25. Growth was driven by the Primary Dealing and Corporate Dealing Securities divisions, which leveraged market movements through proactive positions.
Janashakthi Insurance PLC (Insurance): Reported NPAT of LKR 2.8 billion, more than three times the LKR 801 million recorded in the same period last year. New business premiums grew by 72%, reflecting strong underwriting performance.
Janashakthi Finance PLC (Finance & Leasing): Posted NPAT of LKR 141 million, supported by Net Operating Income of LKR 1.4 billion, a 34.0% YoY increase. The company achieved robust portfolio growth of 48.7% YoY, reaching LKR 26.7 billion, capturing rising demand across key lending segments.
This strong performance across JXG’s diversified portfolio underscores the Group’s continued focus on strategic growth, operational excellence, and value creation for stakeholders.
SriLankan Airlines Reaches In-Principle Agreement on US$175 Million Bond Restructuring
